Closed on my 2nd property!

Closed on my 2nd property!

Jordan SutherlandBusiness Member
Realtor 路 Lubbock, TX 路 Member since 2016 路 86 posts 路 119 votes

Hey guys, I'm a new investor in Lubbock, TX!   I'm 23 years old and I started learning about real estate investing about four months ago and I decided to focus on buy and hold investing based on my skill set. I puchased my own home about a year and a half ago and purchased a duplex in July that is currenty rented out. The duplex has been treating me well with good cashflow. Today, I closed on my second property, a single family residence. I got the property for $95,000 and had the seller pay for all wanted repairs before closing. I've been advertising the property online for the past week and already had a few families put in rental applications for $1100 monthly rent. After closing on my first property and reading Brandon Turner's books, I gained confidence in real estate investing! I will hopefully have my third rental unit rented out by next week. I just wanted to let all the other newbies know that with all the great info available on BP, I have been able to start my real estate investing career successfully (so far) and I can't wait to aquire my next rental. It IS possible for beginners to start building wealth with real estate. For all you other newbies out there, you can do it! And once you get over the first hump and get your first property everything will get easier and fall into place. I can't thank the BP community enough for all of the shared wisdom! Good luck out there and God bless!

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Investor 路 Short Gap, WV 路 Member since 2016 路 160 posts 路 38 votes
9y
Thanks for the encouragement! It really does help to see that just starting out! Which books do you recommend to read and do you recommend any particular order to read them?
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  • Wholesaler 路 Knoxville, TN 路 Member since 2016 路 247 posts 路 76 votes
    9y

    @Jordan Sutherland

    Congrats man. May I ask, after buying your primary home, how'd you finance that first rental? How much did you put down?

    I've got no capital but rentals are my end game. I want to replace my income and go into REI full time in the next 3 years. I'm starting out by wholesaling. Haven't closed a deal yet but I'm working the streets, knocking on doors, and cold calling absentee owners. I'm inspired and motivated to make this happen.

  • Real Estate Agent 路 Massapequa, NY 路 Member since 2015 路 78 posts 路 13 votes
    9y

    Awesome @Jordan Sutherland congrats! Motivating to hear others at a young age getting into REI. I'm 22 and trying to figure out how to make the first leap into buy and holding. Best of luck!

  • Real Estate Consultant 路 Brookfield, WI 路 Member since 2014 路 873 posts 路 350 votes
    9y

    Jordan or Your Airnesss lol...nice work on your 2nd closing can't wait to hear about the next one and the one :)

    Thanks,

    MH

  • Real Estate Investor 路 San Francisco, CA 路 Member since 2016 路 42 posts 路 12 votes
    9y
    Congratulations! It's obvious your hitting the ground running! Very inspiring! I just closed on my first property I bought undervalued and plan on rehabbing it and get some equity and move to the next...then the next..then the next.....happy investing!!!
  • Real Estate Agent 路 Scottsdale, AZ 路 Member since 2016 路 53 posts 路 10 votes
    9y

    Congrats!  I'm new as well and that's good to hear that you can be successful, even when just starting out.

  • Investor 路 Fredericksburg, VA 路 Member since 2016 路 33 posts 路 8 votes
    9y

    excellent! 

  • Insurance Agent 路 West Long Branch 路 Member since 2015 路 206 posts 路 64 votes
    9y

    @Jordan Sutherland Congrats! 

  • Paterson, NJ 路 Member since 2016 路 6 posts 路 1 vote
    9y

    Wow! Congrats! I'm just starting to educate myself on REI and your post certainly just added to my motivation 馃挭馃徑

  • Jordan SutherlandBusiness Member
    OP
    Realtor 路 Lubbock, TX 路 Member since 2016 路 86 posts 路 119 votes
    9y
    Originally posted by @Hersh M.:

    @Jordan Sutherland Congrats Jordan! Do you mind sharing the taxes and insurance numbers on your Texas properties? I have heard they are high so wanted to know how much are they as % of rent. 

    The insurance is replacement coverage insurance for $93/month which is pretty cheap in Texas. The property taxes will be about $175/month. And like I said, the purchase price was $95,000. From what I have read, these numbers are both very high compared to most other states, but for properties like this in Texas, I think these numbers are typical. The taxes are high possibly because there is no state income tax here, but I really don't know why the insurance rates would be so much higher.

  • Investor 路 Woodland Hills, CA 路 Member since 2016 路 51 posts 路 12 votes
    9y
    Hi where about did you buy this property at? That's a great deal, i am paying $200,000 for my properties and making $1,400 in rent. I was wondering where about you can pick up a property for $95,000 and generate $1,100 in income. Thanks, Adam
  • Accountant 路 Phoenix, AZ 路 Member since 2016 路 31 posts 路 8 votes
    9y

    Thanks great! I am looking to do my first deal in the same fashion! Good luck to you!

  • Investor 路 Pasadena, TX 路 Member since 2015 路 23 posts 路 10 votes
    9y

    Freakin' Awesome!  Thanks for sharing!

  • Investor 路 Los Gatos, CA 路 Member since 2016 路 20 posts 路 9 votes
    9y
    Congrats that's awesome!
  • Miami, FL 路 Member since 2016 路 25 posts 路 5 votes
    9y
    Congrats!!
  • Investor 路 Lakewood, OH 路 Member since 2016 路 203 posts 路 191 votes
    9y

    @Jordan Sutherland

    Congrats to you as you start to build your portfolio! Pretty awesome to hear that you gained confidence from BP resources. I find myself in the exact same boat. Best of luck to you as you continue your investing career. 

    -Cary

  • Ian WalshBusiness Member
    Lender 路 Philadelphia, PA 路 Member since 2016 路 2k+ posts 路 1k+ votes
    9y

    Nice.  Were you able to keep it inside the 50% rule?

  • Rental Property Investor 路 Maquoketa, IA 路 Member since 2016 路 8 posts 路 1 vote
    9y

    Congrats ! I closed on 8/11 on my first SFR that will be a rental without me living in it first. Now that it is repaired & renting I feel good ! Keep up the good work !

  • Washington, DC 路 Member since 2016 路 36 posts 路 7 votes
    9y

    That's pretty awesome! I'm in my early 40s and just starting off, so you have a good head start. It is good to see people benefitting from the information on BP because it helps to build confidence! I wish you continued good fortune!

  • Rental Property Investor 路 Providence, RI 路 Member since 2016 路 59 posts 路 39 votes
    9y

    Congratulations and good luck with all of your ventures.

  • Real Estate Investor 路 Lubbock, TX 路 Member since 2012 路 80 posts 路 17 votes
    9y

    @Jordan Sutherland Nice Job man, if you ever want to grab lunch or a coffee when youre not serving our city hit me up.

  • Bergen County, NJ 路 Member since 2008 路 6 posts 路 0 votes
    9y

    Congrats!

  • Real Estate Agent 路 Dallas-Fort Worth, TX 路 Member since 2016 路 35 posts 路 3 votes
    9y

    Wow very inspirational @Jordan Sutherland thanks for sharing!

  • Insurance Agent 路 West Long Branch 路 Member since 2015 路 206 posts 路 64 votes
    9y

    @Jordan Sutherland Congrats on the Acquisition!

  • Investor 路 Cupertino, CA 路 Member since 2016 路 20 posts 路 2 votes
    9y

    @Jordan Sutherland

    Awesome! I hope I get to share some success story soon, too! :)

  • Rental Property Investor 路 San Antonio, TX 路 Member since 2011 路 266 posts 路 158 votes
    9y
    Jordan Sutherland congrats on the recent purchase. Three doors in such a short time is awesome! May I ask, how are you holding the properties? In your personal name or an LLC/Corp? Having access to your private lender is awesome and sounds like you got some excellent terms. Rinse and repeat! Take care. -Andrew
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